Crypto exchange Voyager Digital has issued a notice of default to hedge fund Three Arrows Capital (3AC) because of its failure to pay for its 15,250 Bitcoin (BTC) and 350 million USD Gold coin (USDC) loan disclosed inside a previous statement.
Inside a market update by Voyager, the exchange noted it’s presently exploring “legal remedies” that are offered using its advisors and it is planning to pursue the recovery of their funds from 3AC.
Furthermore, Voyager disclosed the firm has $137 million in cash and crypto by June 24, 2022. The organization also assured its user the platform is ongoing to function and fulfill their users’ orders and withdrawals.
Aside from these, the organization also employed global investment bank Moelis & Company since it’s financial advisors to assist its efforts stabilize among its contact with 3AC. Based on Voyager Chief executive officer Stephen Ehrlich, they is presently trying to strengthen its balance sheets and going after other available choices to carry on to conform using the liquidity demands of their users.
Voyager notes it can access the $500 million funds from the loan agreement with buying and selling Alameda Research. Right now, the firm stated it utilized $75 million price of funds from Alameda.
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A week ago, Voyager has provided 3AC deadlines for that repayment of their BTC and USDC loans. The firm requested $25 million to become compensated last Friday as well as requested the payment from the total balance today. However, regardless of the deadlines given, 3AC was not able to conform.
On June 22, Voyager’s share cost plummeted by 60% as crypto stocks continued a downward dive. The following day, Voyager has apparently cut its withdrawal amount to $10,000 among its current difficulties with 3AC.
